If the demand curve for wedding cakes shifts to the right, then the value of the marginal product of labor for bakers will
a. rise.
b. fall.
c. remain unchanged.
d. rise or fall; either is possible.
a
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The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to ________ and it ________ as more cloth is produced
A) -MPLF/MPLC; becomes steeper B) -MPLF/MPLC; becomes flatter C) -MPLF/MPLC; is constant D) -MPLC/MPLF; becomes steeper E) -MPLC/MPLF; is constant
When a firm is on the portion of its long run ATC curve that slopes upward, it is experiencing:
A. economies of scale. B. diseconomies of scale. C. constant returns to scale. D. Any of these is possible.
Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you, just your partner did. For how much of this debt are you legally liable?
a. none of it b. $100,000 c. the proportion reflected by the proportion of the business owned d. only an amount equal to the assets of the business e. $50,000
The degradation of the environment from litter is a
a. a negative externality. b. free rider problem. c. Tragedy of the Commons. d. Both a and c are correct.